Pay Doubles for Bosses at Viacom

Viacom awarded its chief executive, Philippe P. Dauman, total compensation for 2010 valued at about $84.5 million, more than double the 2009 figure, including salary, bonus and stock options, the company disclosed on Friday.

It awarded its chief operating officer, Thomas E. Dooley, total compensation valued at about $64.7 million, also more than double the 2009 compensation. Viacom disclosed the compensation in documents filed with the Securities and Exchange Commission after the market closed on Friday.

The company said, however, that the compensation was inflated by one-time stock awards linked to long-term contracts the executives signed last year. These contracts, for six and a half years, were unusually long for the industry, a spokesman, Carl Folta, said, and reflected Viacom’s recent better performance.

Without those one-time awards, Mr. Folta said, Mr. Dauman’s compensation was valued at about $30 million, including both cash and stock, and Mr. Dooley’s at about $23 million, both below their 2009 compensation.

However, the awards raised questions among compensation experts.

“This is spectacular money but where are the spectacular results?” said Brian Foley, a pay consultant in White Plains. “In terms of the stock price, they are back to where they were in 2008, about three years ago. That’s great, but is that really worth this award?”

Compensation for Viacom’s founder and executive chairman, Sumner M. Redstone, was more restrained. Mr. Redstone received compensation for the 2010 period valued at about $15 million, a decline from the $16.9 million he received in 2009, the company said.

Viacom’s 2010 fiscal year covered the three quarters from January to September.

Last year, the company changed its fiscal year to begin in October to align its financial reporting more closely with the seasonality of the television industry, giving it only three quarters last year. It is scheduled to report results from the first quarter of its latest fiscal year on Feb. 3.

The compensation is reminiscent of the large payouts Viacom’s top executives received in 2005. At that time, Mr. Redstone, then the chief executive, and Tom Freston and Leslie Moonves, both then presidents, received total compensation for the previous year valued at about $52 million to $56 million.

The company said Friday that about 90 percent of the compensation for its 2010 period was in long-term stock options, which aligned the executives’ interests with those of the company. It said the compensation was also justified by Viacom’s performance.

Mr. Folta predicted that executive compensation would be less for the current 2011 fiscal year because it would not be inflated by the one-time payments linked to the contract renewals.

In November, it reported third-quarter earnings that surpassed the expectations of analysts. Its flagship MTV has enjoyed something of a renaissance recently as a cultural tastemaker and a corresponding upswing in ratings. In that quarter, revenue rose 5 percent, to $3.3 billion.

A version of this article appears in print on January 22, 2011, on page B1 of the New York edition with the headline: Pay Doubles For Leaders At Viacom. Order Reprints|Today's Paper|Subscribe